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Sales are climbing, yet the owner still approves every invoice. Closely held companies often reach this point when growth outpaces financial leadership.
This guide draws on insights from Cohen & Co, a leading tax, assurance and advisory firm. Its insights shed light on who should lead finance as a closely held company grows.
Growth tends to arrive faster than the systems that support it can adapt. A few warning signs often surface first, starting with who leads the finance function.
Many closely held companies still lean on the owner, a bookkeeper or a part-time accountant long after the business needs strategic financial leadership. Those roles can keep the books accurate, yet often leave little time to forecast, plan capital needs or advise on growth decisions.
Research from the National Center for the Middle Market weighs financial management at 12.3% importance in its growth model for the middle market as a whole. It also found that strong performing organizations tend to have a CFO who manages cash flow and working capital, oversees processes and controls, and maintains relationships with capital sources.
Rising transaction volume and a growing mix of accounts and vendors put pressure on back-office finance work as a company scales. Invoices, payables and reconciliations can pile up, and a lean team may lack the hours to process them promptly.
Pressure appears in the Federal Reserve's 2026 Report on Employer Firms, which surveys small-employer operations. Among them, 77% reported rising costs, tariff-related cost challenges or both. Separately, 60% applied for financing in the prior 12 months, and 46% cited an expansion or new opportunity as a reason.
Manual or ad hoc processes make it harder to see where cash stands and how the business is performing. Cohen & Co says one sign a company may need CFO-level help is when leaders make capital, pricing and hiring decisions without clear visibility into cash flow 12 months out.
Decision-ready reporting becomes essential at this stage, especially when a company is preparing for a sale, an acquisition, a recapitalization or a lender conversation. Outside help has also evolved.
"The outsourced accounting and finance services of today have expanded well beyond bookkeeping, enabling companies to find exactly as much help as they need," says Cohen & Co in a recent article on outsourced finance options.
CFO services for growing closely held companies in Detroit can range from outsourced accounting help to fractional CFO teams. The best match depends on how much strategic guidance a company needs.
The choice sits between a full-time in-house CFO and part-time outside help. In Cohen & Co's description, a fractional CFO is an executive partner who joins the leadership team on a part-time basis and can cost less than a full-time hire.
The firm sets the controller and the CFO apart. "A controller looks backward with precision: accurate books, a clean monthly close and reliable historical reporting — the 'what happened.' A CFO looks forward: strategy, forecasting, capital structure, profitability and transaction readiness — the 'why' and 'what's next.'"
Both positions often become necessary, though on different timelines. In practice, the firm often starts with outsourced controller support to stabilize the foundation, then adds fractional CFO leadership as strategic questions grow more complex.
Cohen & Co says complexity, including multiple entities, lender covenants or a departing finance leader, often matters more than revenue size when choosing support. Growing companies often weigh partners on qualities such as:
A firm located in Detroit may bring a closer view of local conditions and industry trends. From offices in downtown Detroit and Troy, Michigan, Cohen & Co says its team knows the industries that drive the state's economy, including manufacturing and distribution, real estate and construction, professional services and technology.
The market itself carries real scale. According to the Detroit Regional Chamber, the region is home to nine Fortune 500 companies, which together generated more than $529 billion in revenue in 2025. For owners competing in that environment, local insight may help put their own numbers in context.
The right finance leadership model depends on growth stage and complexity as much as revenue size. Matching leadership to where the business stands today and what it needs for the future can keep finance a step ahead.
Companies can combine solutions and adjust them as needs and resources change. Who should lead finance often has several answers, and a clear view of today's numbers can help owners choose the support that fits the next stage.
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